Control changes hands: 64.26% stake transferred to Indo Borax, full board and KMP overhaul

Change of control completed.

Tue 29 Sep 2026

Stake Transferred

2,38,44,000 equity shares — 64.26% of paid-up capital

Buyer

Indo Borax & Chemicals Limited

Transaction Date

September 29, 2026

SPA Date

August 20, 2026

Former Promoters Remaining Stake

36,90,000 shares (9.95%)

What happened

The sale under the share purchase agreement dated August 20, 2026 has been completed. The sellers — Mr. Ketan Vinodchandra Ramani, Mr. Pritesh Vinodchandra Ramani and Mr. Jogindersingh Gianchand Jaswal — transferred 2,38,44,000 equity shares, constituting 64.26% of the total paid-up equity share capital, to Indo Borax & Chemicals Limited on September 29, 2026.

After the transaction the sellers collectively hold 36,90,000 equity shares, or 9.95% of the voting share capital, and they, along with other members of the promoter group, have ceased to be members of the promoter/promoter group.

Who left

• Mr. Jogindersingh Gianchand Jaswal resigned as Managing Director, effective immediately on delivery of his resignation letter.
• Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani resigned as executive directors.
• Mr. Samir Gadhiya resigned as Chief Financial Officer.
• Independent directors Mr. Parth Shah, Ms. Krutika Arunkumar Negandhi and Mr. Satish Kumar resigned with effect from the close of business on September 29, 2026.

Each also ceased to be a member of the board committees they sat on.

Who joined

• Mr. Suresh Kalra as additional Director (Managing Director and CEO) for 5 years, subject to members' approval. His profile cites over 25 years of leadership experience in the chemicals industry, including CEO and Whole-time Director at Aquapharm Chemical Limited and senior roles at Huber group, SI Group, Pidilite Industries and others.
• Mr. Sunil Malhotra as additional director and Whole-time Director for 5 years, liable to retire by rotation; his profile cites 38 years of entrepreneurial experience.
• Mr. Harsh Malhotra as additional executive, non-independent director for 5 years, liable to retire by rotation. He is the son of Mr. Sunil Malhotra.
• Independent directors Mr. Amit Kumar Sharma, Ms. Anuradha Suneet Maheshwari and Mr. Dhananjay Tapasvi, each for 5 years.
• Mr. Shashikant Bharuka as Chief Financial Officer and Key Managerial Personnel for a term of 5 years.

All appointments are effective September 29, 2026 and the director appointments are subject to approval of the members.

Committees

The Audit Committee, Nomination and Remuneration Committee, Stakeholders Relationship Committee and Corporate Social Responsibility Committee were reconstituted with effect from September 29, 2026. The Audit Committee is chaired by Mr. Dhananjay Tapasvi, the NRC by Mr. Dhananjay Tapasvi, the Stakeholders Relationship Committee by Ms. Anuradha Suneet Maheshwari and the CSR Committee by Mr. Suresh Kalra.

Continuity arrangement

The board approved execution of consultancy agreements with Mr. Jogindersingh Gianchand Jaswal, Mr. Ketan Ramani and Mr. Pritesh Vinodchandra Ramani.

How investors may read it

This is a complete change in ownership and management. The buyer, a listed chemicals company, now controls a majority of the capital, and the founding group has stepped back to a minority holding with no promoter status. Leadership continuity now rests with a newly inducted team, while consultancy agreements with the outgoing founders point to a transition arrangement. Perception will depend on how the new management's plans for the business unfold.

Nothing here is a view, opinion or recommendation of ScoutQuest, its parent, directors or employees. ScoutQuest is a technology company: this page was assembled automatically from public sources using artificial intelligence, and may contain errors or omissions. Confirm everything against the original source before you act on it. Any use of this page is at your own risk, and neither ScoutQuest nor its parent, directors or employees accepts liability for it.